Former PTC India CMD Rajib Kumar Mishra to Appeal Against Sebi Ban

Former PTC India CMD Rajib Kumar Mishra plans to appeal to the Securities Appellate Tribunal (SAT) against Sebi's order barring him from holding any directorial position in a listed entity for six months. The ban follows accusations of corporate governance lapses at PTC India Financial Services Ltd.

In a significant move, former PTC India Chairman and Managing Director Rajib Kumar Mishra is set to challenge market regulator Sebi's order at the Securities Appellate Tribunal (SAT). The order, issued last week, bars Mishra from being a director in any listed entity for six months.

The order led to Mishra stepping down as chairman of PTC India Financial Services Ltd (PFS) and CMD of PTC India Ltd. ''Sebi's order is appealable, and in the merit of the order, I will go to SAT for further action and to safeguard my rights,'' Mishra told PTI.

The regulator's decision follows accusations of corporate governance lapses at PFS. Mishra was fined Rs 10 lakh and prohibited from holding any key managerial position in any listed company. Defending his position, Mishra asserted that as a non-executive chairman and nominee director, he had no direct control over the company's operations.

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